Bisnow
Multifamily development in Montgomery County has hit a standstill, and with the pipeline nearly dry, developers are sending out an SOS.
The few projects that are getting underway are doing so with help from the county — in the form of affordable housing funds, tax abatements, public-private partnerships and, in one case, the county’s first tax increment financing deal.
While financing for every project is a challenge these days, “it's a bit difficult when you're in a jurisdiction that's layering in other legislation that's yet another roadblock,” said The Chevy Chase Land Co. CEO John Ziegenhein.
Meanwhile, the projects that are penciling are doing so because of incentives designed by the county to help specific types of projects.
Montgomery County is in the process of approving its first-ever TIF deal for MCB Real Estate’s Viva White Oak development near the Food and Drug Administration headquarters. The Baltimore-based company is approved to build 12M SF of mixed-use development on the 280-acre site.
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